Corn is mostly 5 to 7 cents higher.
- Corn futures are firmer amid increased trade optimism.
- USDA reported weekly export inspections of 1.188 MMT (46.7 million bu.) for the week ended Oct. 23, down 137,492 MT from the previous week.
- Brazil’s center south first corn plantings were estimated to be 55% complete as of last Thursday, according to Agrural.
- December corn futures are facing resistance at $4.29, which is backed by the Sept. 16 high of $4.31 1/4. Initial support lies at $4.17 1/4.
Soybeans are 23 to 27 cents higher, while soymeal is around $3.60 higher. Soyoil is around 50 points higher.
- Soybeans have edged to a more than four-month high after gapping higher overnight amid notions China will sign a trade deal with the U.S. later in the week.
- Top trade negotiators for the U.S. and China met over the weekend and have reportedly come to terms on a range of contentious points, setting the stage for a deal later this week.
- President Trump also said other trade deals with several other countries in Southeast Asia were also achieved.
- USDA reported weekly soybean inspections of 1.061 MMT (39 million bu.) for the week ended Oct. 23, down 528,889 MT from the previous week.
- Brazil’s soybean planting efforts advanced to 36% complete as of last Thursday, according to AgRural.
- November soybeans have edged to the highest level since mid-June, with resistance at the June 20 high of $10.74 1/4. Initial support lies at today’s low of $10.52 1/4.
Winter wheat futures are 14 to 15 cents higher, while HRS futures are mostly 8 cents higher.
- SRW wheat futures gapped higher overnight and have edged to a more than five-week high amid general optimism across the grain complex.
- USDA reported weekly wheat inspections of 258,543 MT (9.5 million bu.) for the week ended Oct. 23, down 234,944 MT from the previous week.
- Wheat areas in eastern Ukraine, Russia’s Southern Region and Kazakhstan will receive waves of rain during the next ten days to improve crop and field conditions.
- December SRW wheat futures gapped higher overnight and are facing resistance at the Sept. 17 high of $5.35 3/4. Initial support lies at the 40-day moving average of $5.14 1/2.
Live cattle and feeders are sharply lower at midsession.
- Cattle futures are posting strong losses amid technical selling after President Trump vowed to lower beef prices.
- Mexico’s agriculture minister will travel to Washington D.C. this week to work an agreement on reopening the U.S./Mexico border.
- Wholesale beef values rose on Friday, with Choice up $2.62 to $375.765, while Select rose $3.23 to $357.97. Movement totaled 133 loads.
- December live cattle have edged below the 100-day moving average and are facing support at $224.26, while resistance is at Friday’s close of $233.925.
Hog futures are mixed at midmorning.
- Nearby lean hogs are slightly firmer as traders work to limit futures’ discounts to cash.
- The CME lean hog index is down another 68 cents to $92.95 as of Oct. 23.
- The pork cutout value surged $3.03 on Friday to $102.74, led by a $10 gain in primal bellies. Movement was strong at 426.2 loads.
- December lean hogs marked a fresh near-term low, though support remains at $81.48, while initial resistance is at the 10-day moving average of $82.50.